California only has $97.3 billion of assets available to pay bills totaling $352.5 billion.

Because California doesn't have enough money to pay its bills, it has a $255.1 billion financial hole. To fill it, each California taxpayer would have to send $21,600 to the state.

Because of an accounting rule implemented last year, California has to report its pension debt on its balance sheet. This year, the state's reported pension debt grew from $74.5 billion in 2015 to $87.1 billion in 2016.

Despite reporting most of its pension debt, the state is still hiding retiree health care debt. California's total hidden debt amounts to $65.9 billion. A new accounting standard will be implemented in two years, and will require states to report this debt on the balance sheet.

The state's financial report was released 265 days after its fiscal year end, which is considered untimely according to the 180 day standard.